Romania sets date for introducing the Euro – earlier than Hungary!

Romania voted on a target date of when they would start using the Euro. The committee was in favour of the 2024-2026 target date with an overwhelming majority.

Previously, there were hopes the shift could take place by 2022; however, this current date seems more realistic – reports HVG. According to Prime Minister Viorica Dancila’s report from last spring, Romania has regarded the introduction of the Euro as a primary task ever since they joined the EU back in 2007. Before the economic crisis in 2008, the target date was set to be 2019; however, the uncertainty caused politicians to postpone the issue for an undefined period of time.

During the meeting, the parliamentary body discussed the documents necessary for preparing for the shift to the official currency of the European Union. They consulted the parties of the parliament, Mugur Isarescu, the Governor of the National Bank of Romania, the board of the Romanian Academy, presidential advisors, leaders of trade unions, representatives of the private sector as well as other organisations when making the decision.

In order to reach this goal, Romania has to achieve real convergence, increase their competitiveness, make economic growth sustainable, and join the European exchange rate mechanism (ERM II).

As for Hungary, the goal of introducing the Euro as the official currency used to be between 2018 and 2020. However, it quickly became apparent that that does not belong to the primary goals of the government and it could take years until the shift happens.

According to an article on Index from last year, Hungary has already met two of the five conditions for introducing the Euro, and the third one is also close to being met. However, PM Orbán says Hungarians still have to decide whether they want a deeper integration with the EU or want to keep economic and national policies their own.

The latest EU survey showed that 52% of Hungarians are for introducing the Euro while 41% are against it.

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Source: hvg.hu, index.hu